Revenue for Q4, which ended April 30, was $439 million, 3 percent lower than the same quarter a year ago. The company reported a net loss of $29 million, which was lower than a $48 million loss in the previous fourth quarter. Adjusted net income for the period was $2 million, compared with a quarterly adjusted net loss of $61 million a year ago.

For the full fiscal year, EBITDAR and EBITDA also grew faster than revenue. EBITDAR rose 15 percent and EBITDA 16 percent, while revenue was up 3 percent, to $1.74 billion. A fiscal-2013 adjusted net loss of $59 million was better than adjusted net loss of $88 million for fiscal 2012.

Fourth Quarter

Fiscal Year

(in millions)

FY13

FY12

Change(ii)

FY13

FY12

Change(ii)

Revenue

$

439

$

453

-3

%

$

1,744

$

1,693

3

%

Net Earnings (Loss)

$

(29

)

$

(48

)

40

%

$

(116

)

$

(95

)

-22

%

EBITDAR(i)

$

137

$

111

23

%

$

485

$

421

15

%

EBITDA(i)

$

85

$

64

34

%

$

283

$

244

16

%

Adjusted Net Income (Loss) (i)

$

2

$

(61

)

N/A

$

(59

)

$

(88

)

33

%

(i)

See reconciliation to GAAP measures below.

(ii)

All growth rates in this release are year-over-year unless otherwise noted.

According to CHC President and Chief Executive Officer William Amelio, the company is benefiting from a range of initiatives to enhance tools, systems and processes, and improve execution.

"We are enhancing our capability, efficiency and culture," said Mr. Amelio, "Together those improvements are creating great service and value for customers, operating and competitive advantages for CHC, and enhanced safety for all of us."

Helicopter Services (flying):

Higher flying-services revenue included double-digit growth in Norway and the United Kingdom, where most bases are located for the rich North Sea oil-and-gas reserves, and Brazil, a large and rapidly expanding source for the global O&G industry.

Helicopter Services EBITDAR was up 28 percent.

During the quarter, CHC won 10 new contracts and bid on two dozen additional tenders that have yet to be awarded - the latter worth a combined $1.1 billion in multiyear revenue.

The company is well along in preparing for the return of its Eurocopter 225 helicopters to full commercial service, following an industry wide suspension last October of most flights using the aircraft. Resumption of full service requires certain regulatory approvals.

Heli-One (MRO):

Q4 external revenue for CHC's helicopter maintenance, repair and overhaul (MRO) business was down 30 percent. EBITDAR was also down year-over-year, but at a rate nearly one-half of the revenue decline, as Heli-One further streamlined its operations through Lean and other initiatives.

Over the course of fiscal 2013, the company increased its MRO sales backlog - revenue that is expected to be recognized as contracted services are delivered over time - to a record $300 million.

CHC Helicopter is a leader in enabling customers to go further, do more and come home safely, including oil and gas companies, government search-and-rescue agencies and organizations requiring helicopter maintenance, repair and overhaul services through the Heli-One division. The company is headquartered in Vancouver and operates more than 240 aircraft in about 30 countries around the world.

Decrease in cash resulting from changes in operating assets and liabilities

(1,184

)

(8,864

)

(47,677

)

(22,626

)

Cash provided by (used in) operating activities

25,520

15,851

(763

)

15,601

Financing activities:

Sold interest in accounts receivable, net of collections

13,283

(15,454

)

7,262

27,203

Net proceeds from issuance of capital stock

24,922

20,000

24,922

100,000

Proceeds from issuance of senior secured notes

-

-

202,000

-

Long-term debt proceeds

356,296

267,853

1,168,745

867,853

Long-term debt repayments

(360,441

)

(221,065

)

(1,178,035

)

(786,808

)

Increase in deferred financing costs related to the notes

(178

)

(1,033

)

(3,971

)

(1,033

)

Cash provided by financing activities

33,882

50,301

220,923

207,215

Investing activities:

Property and equipment additions

(109,321

)

(123,576

)

(427,879

)

(376,624

)

Proceeds from disposal of property and equipment

145,445

53,021

353,341

218,259

Aircraft deposits, net of lease inception refunds

(22,158

)

12,053

(71,675

)

(47,307

)

Restricted cash

(8,160

)

(157

)

(5,753

)

(13,135

)

Distribution from equity investments

1,304

198

2,049

1,134

Cash provided by (used in) investing activities

7,110

(58,461

)

(149,917

)

(217,673

)

Cash provided by continuing operations

66,512

7,691

70,243

5,143

Cash flows provided by (used in) discontinued operations:

Cash flows provided by operating activities

1

3,935

1,025

2,240

Cash flows used in financing activities

(1

)

(3,935

)

(1,025

)

(2,240

)

Cash provided by (used in) discontinued operations

-

-

-

-

Effect of exchange rate changes on cash and cash equivalents

(2,118

)

1,182

(2,076

)

(18,517

)

Change in cash and cash equivalents during the period

64,394

8,873

68,167

(13,374

)

Cash and cash equivalents, beginning of period

59,320

46,674

55,547

68,921

Cash and cash equivalents, end of period

$

123,714

$

55,547

$

123,714

$

55,547

Consolidated Balance Sheets

(Expressed in thousands of United States dollars)

April 30, 2013

April 30, 2012

Assets

Current Assets:

Cash and cash equivalents

$

123,714

$

55,547

Receivables, net of allowance for doubtful accounts

322,396

266,115

Income taxes receivable

25,871

20,747

Deferred income tax assets

49

8,542

Inventories

105,794

90,013

Prepaid expenses

22,219

21,183

Other assets

50,936

33,195

650,979

495,342

Property and equipment, net

1,075,254

1,026,860

Investments

26,896

24,226

Intangible assets

197,810

217,890

Goodwill

430,462

433,811

Restricted cash

29,639

25,994

Other assets

438,777

363,103

Deferred income tax assets

10,752

48,943

Assets held for sale

32,047

79,813

$

2,892,616

$

2,715,982

Liabilities and Shareholder's Equity

Current Liabilities:

Payables and accruals

$

419,179

$

363,064

Deferred revenue

27,652

23,737

Income taxes payable

47,987

43,581

Deferred income tax liabilities

618

11,729

Current facility secured by accounts receivable

53,512

45,566

Other liabilities

22,791

23,648

Current portion of long-term debt

2,138

17,701

573,877

529,026

Long-term debt obligations

1,475,087

1,269,379

Deferred revenue

55,990

43,517

Other liabilities

246,455

191,521

Deferred income tax liabilities

10,627

20,072

Total liabilities

2,362,036

2,053,515

Redeemable non-controlling interests

(8,262

)

1,675

Capital stock: Par value 1 Euro;

Authorized and issued:

1,228,377,771 and 1,228,377,770, respectively

1,607,101

1,607,101

Contributed surplus

80,686

55,318

Deficit

(1,059,110

)

(940,031

)

Accumulated other comprehensive loss

(89,835

)

(61,596

)

Total Shareholder's Equity

538,842

660,792

2,892,616

$

2,715,982

Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, adjusted net income, segment earnings before interest, taxes, depreciation, amortization and aircraft lease rent and associated costs ("segment EBITDAR (adjusted)") referred to above as EBITDAR and earnings before interest, taxes, depreciation and amortization ("EBITDA") that are not required by, or presented in accordance with U.S. generally accepted accounting principles (" GAAP"). These non-GAAP measures are not performance measures under GAAP and should not be considered as alternatives to net earnings (loss) or any other performance or liquidity measures derived in accordance with GAAP. In addition, these measures may not be comparable to similarly titled measures of other companies. CHC has provided a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure below. CHC has chosen to include adjusted net income as we consider this to be a useful measure of our results before asset impairments, gain or loss on the disposal of assets and foreign exchange gains or losses. We have chosen to include segment EBITDAR (adjusted) as we consider this to be a significant indicator of our financial performance and use this measure to assist us in allocating available capital resources. We have also included EBITDA as this measure is useful to our debt holders as it is a proxy of Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA provides useful information to investors as it is a measure to calculate certain financial covenants related to our revolving credit facility and certain covenants in our note indentures and other financing instruments. CHC has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure below and has presented a detailed discussion of its reasons for including non-GAAP financial measures and the limitations associated with those measures as part of the "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. CHC encourages investors to review the reconciliation and the non-GAAP discussion in conjunction with our presentation of these non-GAAP financial measures.

EBITDA - Non-GAAP Reconciliation

(Expressed in thousands of United States dollars)

For the three months ended April 30,

For the year ended April 30,

2013

2012

2013

2012

Helicopter Services

$

125,548

$

98,367

$

469,651

$

400,729

MRO

30,389

37,043

91,700

96,020

Corporate and Other

(17,692

)

(21,582

)

(73,802

)

(69,065

)

Eliminations

(1,115

)

(2,603

)

(2,887

)

(7,106

)

Consolidated EBITDAR

137,130

111,225

484,662

420,578

Less: aircraft lease and associated costs

(52,346

)

(47,717

)

(201,736

)

(176,685

)

Consolidated EBITDA

84,784

63,508

282,926

243,893

Depreciation

(47,280

)

(32,076

)

(131,926

)

(112,967

)

Restructuring costs

(2,359

)

(6,899

)

(10,976

)

(22,511

)

Asset impairments

(5,763

)

(1,988

)

(29,923

)

(17,415

)

Gain (loss) on disposal of assets

(6,464

)

5,223

(15,483

)

8,169

Operating income

22,918

27,768

94,618

99,169

Interest on long-term debt

(33,250

)

(27,322

)

(127,199

)

(116,578

)

Foreign exchange gain (loss)

(18,395

)

9,593

(11,380

)

1,795

Other financing charges

3,710

(1,045

)

(18,755

)

(15,062

)

Earnings (loss) from continuing operations before tax

(25,017

)

8,994

(62,716

)

(30,676

)

Income tax expense

(3,835

)

(50,099

)

(54,441

)

(48,217

)

Loss from continuing operations

(28,852

)

(41,105

)

(117,157

)

(78,893

)

Earnings (loss) from discontinued operations, net of tax

1

(6,579

)

1,025

(16,107

)

Net loss

$

(28,851

)

$

(47,684

)

$

(116,132

)

$

(95,000

)

Adjusted net income (loss) - Non-GAAP Reconciliation

(Expressed in thousands of United States dollars)

For the three months ended April 30,

For the year ended

2013

2012

2013

2012

Adjusted net income (loss)

$

1,771

$

(60,512

)

$

(59,346

)

$

(87,549

)

Asset impairments

(5,763

)

(1,988

)

(29,923

)

(17,415

)

Gain (loss) on disposal of assets

(6,464

)

5,223

(15,483

)

8,169

Foreign exchange gain (loss)

(18,395

)

9,593

(11,380

)

1,795

Net loss

$

(28,851

)

$

(47,684

)

$

(116,132

)

$

(95,000

)

Cautionary Note on Forward-Looking Statements:

This press release contains forward-looking statements and information within the meaning of certain securities laws, including the "safe harbor" provision of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, projections, conclusions, forecasts and other statements are "forward-looking statements". While these forward-looking statements represent our best current judgment, the actual results could differ materially from the conclusions, forecasts or projections contained in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection in the forward-looking information contained herein. Such factors include, but are not limited to, the following: exchange rate fluctuations, trade credit risk, industry exposure, inflation, inability to enter into new contracts or the loss of existing contracts, inability to maintain government issued licenses, inability to obtain necessary aircraft or insurance, competition, political, economic and regulatory uncertainty, loss of key personnel, work stoppages due to labor disputes, accidents, mechanical failures, regulatory actions and future material acquisitions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The Company disclaims any intentions or obligations to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Please refer to our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available free of charge at the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any estimates or forward-looking statements made herein.